Supreme Court of India
M/s. Sahney Steel and Press Works Ltd., Hyderabad Etc, Etc. v. Commissioner of Income Tax, Andhra Pradesh-i, Hyderabad
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
2 Supreme Court benches have cited this judgment.
What the Court ordered
In view of the aforesaid, it is not necessary to discuss the poin,t relating to applicability of Section 41 (I) of the Income Tax Act, 1961 in this case.
Judgment, page 15
From the headnote
Income Tax Act, 1961-Sections 28, 41-Subsidy-Whether taxable- Determination of nature-Subsidy granted by State Government for jive years from the date of co_mmencement of production-All incentives are production incentives, to be given only after start of production-Held, object of subsidy is decisive not the manner or source of payment--,-lncentives like sales tax refand, electricity charges were intended to enable the assessee to run business more profitably and not for the purpose of selling the business-Hence, the subsidies are operational subsidies and not capital subsidies and are of
Where later benches applied it
- 2022 Assistant Commissioner of Income Tax (exemptions) v. Ahmedabad Urban Development Authority
- 2016 Commissioner of Income Tax v. M/s. Meghalaya Steels Ltd.
Of those, 2 referred to
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